Philippines' $3-billion airport project

13 Sep 2023 CW Team

In a bid to address chronic flight delays, congestion, and outdated facilities at the Ninoy Aquino International Airport (NAIA), the Philippine government has attracted three potential bidders for its ambitious $3 billion modernization project. The project aims to transform NAIA, currently ranked among the world's worst international airports, into a world-class aviation gateway. The prospective bidders include India's GMR Group, conglomerate San Miguel Corporation, and a Manila consortium, which had previously submitted an unsolicited proposal valued at $4.9 billion for the airport's overhaul. However, this initial proposal was rejected by authorities.

Secretary Jaime Bautista, the Philippine transportation secretary, emphasized the importance of selecting a bidder with extensive experience in airport operations and a strong financial background. He made these remarks during an interview on the sidelines of an Association of Southeast Asian Nations (ASEAN) summit in Indonesia.

To attract overseas investors, the Philippine government is planning two roadshows. The first will be held in Singapore next week, followed by another in Paris in the third week of September. The bidding process is scheduled to open in the last week of December, with the announcement of the winning bidder expected in January.

The selected bidder will not only undertake the airport's modernization but will also be responsible for its operation and maintenance. The modernization project aims to double the airport's capacity, increasing it to approximately 60 million passengers annually. The concession period offered for this colossal project is 25 years.

This development signifies a significant step forward in addressing the long-standing issues plaguing NAIA, with the government's commitment to enhancing the airport's infrastructure and services in line with international standards.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..